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For more information, please see full course syllabus of AP Microeconomics
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Lecture Comments (47)

0 answers

Post by Frank Juarez on August 13 at 02:08:53 AM

Which factor of production do economists disagree on?

0 answers

Post by Karina Shih on August 13 at 01:44:11 AM

Earlier in the lecture you talked about normative economics and positive economics. In summary would normative economics just be a sentence with the word “should” and positive economics just be an if-then statement?

0 answers

Post by Daymian Torres on August 13 at 01:26:27 AM

When it comes to Opportunity Cost, if you have two choices, but you're somehow able to get both choices, would there still be an opportunity cost?

0 answers

Post by Devin Lewis on August 13 at 12:22:55 AM

Even though you don’t need anything, don’t you technically still need the choice to not want anything?

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 11:59 PM

Post by Conan Jian on August 12 at 11:52:35 PM

Can opportunity cost be an opinion?

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 11:13 PM

Post by Ashley Marquez on August 12 at 11:11:10 PM

In terms of deciding whether a statement is normative or positive, would a statement that has the word "should" always be a normative?

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 10:57 PM

Post by Hargun Kaur on August 12 at 09:01:55 PM

Are needs and wants determined by individual choices or social stereotypes? Do the wants people have drive them to act the way they do?

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 10:52 PM

Post by Sam Trevino on August 12 at 07:23:05 PM

So does a monetary standpoint only refer to money or are there other factors involved in making a monetary decision?

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 10:51 PM

Post by Christina Liao on August 12 at 05:58:08 PM

So basically, there is nothing that is a need and everything is a want?

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 10:46 PM

Post by Ryan Soo hoo on August 12 at 03:02:06 PM

In terms of Scarcity, would time qualify as a limited resource because isn't time limited.

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 10:45 PM

Post by Ryan Soo hoo on August 12 at 02:59:17 PM

Very informative lecture!

1 answer

Last reply by: Professor Jibin Park
Sun Aug 12, 2018 10:45 PM

Post by Brandon Leung on August 12 at 02:35:58 PM

On the subject of Needs Vs. Wants, isn't time a need/necessity? We need time to obtain our wants, and to my knowledge, there is no other alternative to time.

1 answer

Last reply by: Professor Jibin Park
Sat Aug 11, 2018 4:56 PM

Post by Jazmine Madore on August 11 at 11:30:42 AM

How would having unlimited resources effect the economy and marginal analysis? Would there still be any use to using either?

0 answers

Post by Professor Jibin Park on February 14 at 11:26:40 AM

What really is opportunity cost? I mean... really.

1 answer

Last reply by: Professor Jibin Park
Sun Oct 1, 2017 1:32 AM

Post by manu vats on October 1, 2017

is this course calculus based?which textbook should i use for this course?

1 answer

Last reply by: Professor Jibin Park
Wed Aug 10, 2016 11:40 PM

Post by Jasper Lin on August 10, 2016

Do positive statements always have to be structured in the "If-Then" format? For example, would "It is possible to get a 5 on the AP Microeconomics exam" be an acceptable positive form of the normative statement in example 2, "You should get a 5 on the AP Microeconomics exam"?

1 answer

Last reply by: Professor Jibin Park
Mon Mar 28, 2016 12:26 PM

Post by Kenosha Fox on March 28, 2016

If you want to live you need water and food to survive. If you want to die you need to fast from food and water. How would you express this concept leaving out the word need? Is not water and food essential or neccesary for life? Where else would your recieve proper nutrients and water to maintain your well being?

1 answer

Last reply by: Professor Jibin Park
Fri Feb 5, 2016 5:05 PM

Post by John Hill on February 5, 2016

Cannot get lesson to load

0 answers

Post by Rebecca Dai on November 13, 2014

Professor,
between AP econ (both macro and micro) and AP American Government, which one do you think is more difficult? In what ways? If I study both by myself, which one is easier to ace? Thank you!

1 answer

Last reply by: Professor Jibin Park
Sun Aug 24, 2014 10:44 PM

Post by patrick young on August 24, 2014

Great Job Mr. Park!

1 answer

Last reply by: Professor Jibin Park
Sun Aug 24, 2014 10:44 PM

Post by David Saver on July 17, 2014

Will you be doing any business courses?

1 answer

Last reply by: Professor Jibin Park
Wed Jul 16, 2014 11:45 PM

Post by Abdallah Alqassabi on July 16, 2014

nice

0 answers

Post by Taylor Wright on May 27, 2014

I would also add that when a person states a "need", this is usually rooted in a "want".

"I NEED water, because I WANT to live"
"I NEED a car becasue I don't WANT to walk"

etc.

1 answer

Last reply by: Professor Jibin Park
Sun Apr 6, 2014 11:18 PM

Post by serene guo on April 6, 2014

actually, Hong Kong is not a country but a part of China. Hong Kong returned from England to China on July 1, 1997.

0 answers

Post by ahmed ahmed on April 2, 2014

what does this mean and please give me examples....?

1.rules of a game (government as umpir) 2.redistribution (government as robin hood)..... i have an exam!

thank you

2 answers

Last reply by: Angela Patrick
Mon Mar 3, 2014 5:42 PM

Post by Angela Patrick on March 2, 2014

do you have a rough estimate (like which month) you're other courses (Gov and macro) will be up

1 answer

Last reply by: Professor Jibin Park
Tue Feb 18, 2014 11:22 PM

Post by Mengyao Zhang on February 18, 2014

I am really confused about the concept of economic profit ,accounting profit and opportunity cost

Intro to Economics

  • All resources are scarce. Scarcity is the fundamental problem in economics. Unlimited wants vs. limited resources.
  • We prioritize our wants and make choices based on our subjective values.
  • Positive economics deals with how things are while normative economics deals with how things should be.
  • Every choice has an opportunity cost.
  • Most decisions are made at the margin.

Intro to Economics

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

  • Intro 0:00
  • Lesson Overview 0:09
  • Basic Economic Concepts 1:07
  • What is Economics? 1:47
    • Definition of Economics
    • Scarcity
  • Four Factors of Production (Resources) 3:02
    • Land
    • Labor
    • Capital
    • Entrepreneurship
  • Needs vs. Wants 5:00
    • Needs
    • Wants
  • People Choose 8:46
    • Need
    • Economics is About Making Choices
  • Every Choice Has a Cost 9:29
    • Opportunity Cost
    • Trade-Off
  • Positive Economics vs. Normative Economics 10:23
    • Positive Economics
    • Normative Economics
  • Marginal Analysis 12:29
    • All or Nothing Propositions
    • To Consume the Next Unit or Not
    • Key to Understanding Economics
  • Example 1 13:29
  • Example 2 14:46
  • Example 3 17:02
  • Example 4 20:48